The last year changes in the Latvian real estate market that had a negative impact on the pace of development of the industry, will be discussed at the annual press conference by experts of the real estate company ARCO REAL ESTATE who will analyze the reasons of the events that caused the instability, consequences thereof, and offer practical solutions to mitigate the problem. All the stakeholders related to this industry are invited to this conference which will take place on February 18, 2015 in the premises of the Latvian Chamber of Commerce, says Mr. Maris Laukalējs, Member of the Board of Directors of the Company.
Mr. M. Laukalējs reveals that the press conference will focus on the rapidly growing risks of realization of new projects located in the central part of Riga and in Jūrmala. Also, the deficit of apartments observed in the rental market in 2014 and the rising rents lead to important conclusions about this segment development scenarios.
In addition, there will be analyzed a fact established in 2014, namely, the choice of the potential target audience of new projects. It was established that real estate developers in the last year preferred non-residents, abandoning the idea of creating such a product, which would be suitable for the local market. "The local market has great prospects, but the desire of developers to maximize profits and get them quickly does not allow them to offer relevant products," - adds the representative of ARCO REAL ESTATE.
The conference will also discuss the role of the government in the development of the real estate market, including political decisions destabilizing the sector which lead to lack of a mid-way between "allow" and "prohibit” in the real estate market.
The press conference will be held on February 18, 2015 at 11:00 AM in the conference hall of the Latvian Chamber of Commerce, Kr. Valdemāra Street 35, Riga.
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